Rootstock’s year to make Bitcoin work for everyone!
The year 2024 has started with a global shift in perspective when it comes to Bitcoin and decentralization. Whether it’s the ETF approvals, Bitcoin halving parties, or the rise of smart contracts on Bitcoin via BitVM projects, the world has been embracing Bitcoin.
And when it comes to making Bitcoin work for everyone, core contributors to Rootstock have put a public roadmap into work, proposing improvements to the network in the next 12 months.
Here, we’ll share the plan from Rootstock’s 2024 roadmap and ask you what you want to see!
Deep dive into the roadmap here
Q1: The Revelation Phase
Better accessibility with Flyover and Boltz
The year kicks off with Rootstock becoming the most accessible Bitcoin Layer 2, aiming to simplify the process for developers and users alike. Major integrations like Flyover and Boltz are setting the stage. These tools will provide faster, cheaper, and simplified BTC non-custodial swaps and smooth BTC/RBTC transfers, enhancing the overall efficiency of pegging in and out of the network.
Pioneering trustless bridges with BitVMX
RootstockLabs, in collaboration with Fairgate Labs, kicked off the BitVMX project and the publication of the BitVMX whitepaper bringing developers a new framework for executing arbitrary programs on Bitcoin. This project by Rootstock core contributors started with exploring a major advancement in blockchain computation, with the hopes of eventually building trustless bridges between Bitcoin and its layer 2s, including Rootstock.
Q2: The Advancement Phase
Supporting a wider range of transactions with Lightning
As we move into the second quarter, Rootstock’s focus shifts to robustness and usability.
Rootstock’s 2-way peg protocol, called “the Powpeg”, has already matured from its inception in 2018 to now include many decentralized qualities.
The Lightning integration represents a further enhancement to elevate the Rootstock access experience, building upon the strides made in Q1 through Boltz and Flyover integration.
This integration of Lightning in the peg-in and peg-out processes will allow users to choose their preferred transaction paths, catering to different expertise levels and transaction types.
Improving the usability of PowPeg
The Lovell Network Upgrade is another highlight, introducing stable minimum gas prices denominated in fiat, and reducing transaction costs and minimums. This is coupled with the Rootstock Improvement Proposal (RSKIP-419), enhancing the PowPeg feature for better efficiency and usability.
Introducing Bitcoin Native Assets Bridge
Moreover, the Bitcoin Native Assets Bridge will facilitate seamless transfers of Bitcoin assets like Runes or Taproot Assets into Rootstock, providing users easy access to a scalable platform that has a dynamic and diverse DeFi ecosystem.
Q3: The Scaling Phase
Enhancing speed and efficiency
The third quarter is all about scaling. The introduction of RSKj Snap Synchronization allows nodes to sync in just a few hours—a significant cut from the previous times, enhancing network efficiency dramatically.
Parallel transactions with RSKIP-144
Furthermore, RSKIP-144 brings parallel transaction execution into play, allowing transactions to be processed in parallel. This increases transaction throughput and gas limits, setting the stage for more scalable applications and dApps.
The all-in-one RBTC SuperApp
The quarter rounds off with the launch of the RBTC SuperApp, integrating all peg-in and peg-out pathways into one seamless application, promising a fast, secure, and versatile transfer experience.
This SuperApp will enable users to choose what’s the best option for them to get RBTC based on their preferences, minimum and maximum limits for transfers, and their level of expertise.
Q4: The Decentralization 2.0 Phase
Bringing TX time down to 5 seconds
The final quarter of the year focuses on decentralization and direct contributions to Bitcoin innovation. This development proposal enables faster transaction confirmations and higher transaction throughput with the aim to reduce the transaction confirmation time from 30 to just 5 seconds.
Reducing transaction fees
The upgrade to a Segwit-compatible PowPeg in RSKIP-305 will increase decentralization by expanding the number of entities overseeing transactions, alongside a substantial reduction in transaction fees.
Enabling cloud setup
Additionally, Intel SGX-based PowHSMs will facilitate the cloud setup for secure elements, easing the addition of new pegnatories and diversifying HSM manufacturers.
Making Rootstock bridging fully trustless
The introduction of the BitVMX Bridge will encapsulate the year’s progress by revolutionizing the bridging technology on Rootstock, offering a trust-minimized bridge based on the 1-of-n honest assumption.
What do you want to see on Rootstock?
As we reveal the roadmap for the Rootstock ecosystem, we realize how important the contributions of the Rootstock developers and community members have been till we reached where we are right now!
And we want you to keep on telling us what you want to see on Rootstock!
Whether you’re a developer eager to build on the most advanced Bitcoin Layer 2, or a community member with feedback and ideas, your involvement is crucial.
We encourage everyone to participate in discussions, contribute to the development, and help shape the future of Bitcoin and Rootstock. Dive into the roadmap, explore the technologies, and join us in building a decentralized future.